The Newspaper's Staff Reporter | September 20, 2018
KARACHI: Mild profit-selling pushed cotton prices lower by Rs50-100 per maund on Wednesday as many brokers with long positions willingly disposed off stocks. Falling cotton prices in world leading cotton markets including New York cotton were reported to be a major factor which influenced domestic trading. Higher arrival of phutti (seed cotton) from Punjab cotton fields into ginneries also played a major role in depressing cotton prices, brokers said.
Much of the trading activity, however, was noted in Sindh variety cotton which had attained maturity. A steep fall in New York cotton prices – up to US 2.79 cents – pushed rates below US 80 cents per lb after a long time. This development has shaken the confidence of buyers who suddenly moved to the sidelines. The Karachi Cotton Association (KCA) adjusted spot rates downwards by Rs50 to Rs8,200 per maund. (Source: dawn.com)